first-home buyers


PHOTO: MAARTEN HOLL/STUFF In February, the average loan for first-home buyers with loan-to-value ratios of 80 per cent or more was $441,576.

First-home buyers with smaller deposits are making the most of a change to bank lending rules.

From January 1, banks have been able to lend up to 20 per cent of their new loans to borrowers with a deposit of up to 20 per cent.

Previously the limit had been 15 per cent of new mortgages.

CoreLogic said first-home buyers seemed to be taking advantage of the change.